Good news for customers using oil for home heating

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Good news for customers using oil for home heating

June 17, 2015

The 21,000 households in Sussex that use oil for heating their homes are now spending significantly less than urban households connected to mains gas, according to new figures from the Oil Firing Technical Association (OFTEC).

The price of heating an average three bedroom property with oil has reduced further over recent months and is now £142 per year cheaper than mains gas, according to OFTEC, the UK trade body for oil fired heating. The association has said rural homeowners across Sussex are benefiting from an average £500 fall in the price of heating oil over the last two years.

The good news is set to continue with industry experts predicting the price of oil is set to stay low for the foreseeable future and could drop even further.

The figures also show that oil is significantly cheaper than other fuels often used in rural properties – 42.5% (£691) less expensive than LPG and 42% (£670) less than electric storage heaters to heat the same average, three bedroom home.

The announcement comes as the weather warms up and heating systems are switched off, allowing homeowners to use the extra cash they are saving to consider upgrading old boilers to new high-efficiency models to save even more on their heating bills.